A 493,989 square-foot industrial complex in Vista has been acquired by Denver-based real estate investment company Black Creek Group. According to sources with knowledge of the transaction, the property was sold by Barings, a global real estate investment manager, for $147.5 million, or approximately $298 per square foot.
The five-building campus, referred to as North County Corporate Center, was built in 1999, according to public records. The property is situated on approximately 26 acres of land and located at 990 and 995 Joshua Way, and 2750, 2760 and 2765 Progress Street.
The property is partially leased to window manufacturer Jeld-Wen, which occupies 194,734 square feet at both 2760 and 2765 Progress Street. Other tenants include Earthlite, CTDI and Online Trucking Logistics.
Located in San Diego’s North County submarket, the property is just off State Route 78 and near various other industrial properties. These include Access Biologicals, Health Specialties Manufacturing, Horizon Distributors, Primarch Manufacturing, Dutek Inc., as well as many others.
According to public records, Barings last acquired the office campus in 2014 for $57.65 million. In its sale to Black Creek Group, Barings was represented by brokerage firm Newmark Capital Markets. When asked about the deal, Newmark declined to comment.
Black Creek Group, is a nationwide commercial real estate investment company with a focus on acquiring and developing a diverse platform across the U.S. In its 25-year history, the company has bought or built more than $23 billion worth of industrial, multifamily, office and retail assets.
Currently, the company owns approximately 52.7 million square feet of industrial space across 26 U.S. markets. More recently in Southern California, the company announced the acquisition of a 102,516 square-foot distribution center in Rancho Cucamonga for $24.47 million in July.
Earlier that same month, Black Creek Group was acquired by Ares Management Corporation, an investment manager headquartered in Los Angeles. At the time of the acquisition, Black Creek Group had approximately $11.6 billion of assets under management.
“We are excited to join the Ares team and we believe this is a highly complementary combination of people, investment products and resources,” Raj Dhanda, Chief Executive Officer at Black Creek Group, said at the time of the acquisition. “As a leading firm with extensive global relationships and a collaborative culture, Ares was the ideal partner for Black Creek Group and this agreement will allow the combined Ares Real Estate Group to expand our capabilities, reach and growth potential. We are excited for our leadership teams to work together and capitalize on what we believe will be a promising future.”
